Congress repealed Depression era banking regulation that kept your banks from risky investments in 1999.It has become fashionable for anyone slightly left of center to blame all this nation's economic woes on the Tea Party movement. We're told that it is the Tea Party that is holding America hostage and the driving force behind the protracted "debate" on the debt ceiling.
Congress enacted legislation in 2000 that allowed extremely risky investments in real estate and other derivatives, illegal for nearly a century.
In 2001, the big banks and Wall Street celebrated its newly purchased freedoms with a decade-long binge of fraud and risky investments. Like a greedy con artist, they took everything they could from people here and around the world until there was no more to take. We have now hit the wall thanks to them.
The outrageous expenses of wars based on lies caught up with us and shoved the deficit to new heights. The tax cuts for the top 1% took away revenues needed to balance the budget.
The money they steal from the Social Security surplus is no longer enough. They want to keep the tax in place for us and take an even bigger rake-off.
~ from The War on You by Michael Collins ~
As Collin's shows above and any number of other sources have highlighted, the Tea Party certainly plays a role, but not THAT big of one. The powers that be have spent the past 15 years or so setting the table for where we find ourselves today. The snippet above notes a few of the foundations -- there are countless more that could have been listed.
And so now, we will get to see what they have wrought. Whatever it is, we can be certain of one thing. For the vast majority, it won't be pretty...not by a long shot!